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Senator Scott Welcomed HUD Secretary Carson, U.S. Comptroller of the Currency Brooks to Charleston for Access to Capital Forum

Press Release

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Date:
Location: Charleston, SC

U.S. Senator Tim Scott (R-SC) welcomed U.S. Department of Housing and Urban Development (HUD) Secretary Ben Carson and Acting Comptroller of the Currency Brian P. Brooks to Charleston for an afternoon forum focused on expanding access to capital in minority and underserved communities around the nation. Senator Scott, Secretary Carson and Comptroller Brooks met with nearly 50 bankers, developers, small businesses and advocates throughout South Carolina. The workshop featured presentations on projects already underway as well as the potential for additional initiatives.

Senator Scott, author of Opportunity Zones, has championed legislation and initiatives on expanding access to capital and helping those in underserved communities gain access to capital in conjunction with his Opportunity Agenda.

"I'd like to thank Secretary Carson and Acting Comptroller Brooks for making the trip down to South Carolina. Access to capital is a very important topic for people in underserved and minority communities across South Carolina and our nation, especially as so many are seeking to navigate economic challenges around the pandemic," said Senator Tim Scott.

"As the author of Opportunity Zones, I created this initiative to ensure that families in distressed neighborhoods across the country had access to and could utilize the resources needed to climb out of poverty and build towards economic success. Being raised in a single-parent household, I understand the importance of educating the underserved and minority communities on financial literacy and ownership, which is a tool that many are denied in our struggling communities.

"Today's conversations were encouraging, and I'm looking forward to seeing how this workshop yields results not only in South Carolina, but across the nation to provide a hand-up towards economic opportunity."

"The Charleston community, and many others like it across the nation, have witnessed the revival of economic activity since the Opportunity Zone tax incentive was established by President Trump," said Secretary Carson. "The new CRA rule will continue to draw bankers, lenders, and entrepreneurs to communities that are ripe with untapped investment and have grounds that are fertile with economic opportunity. Since day one, Senator Scott has been a champion for Opportunity Zones, and I am thankful to be with him and Acting Comptroller Brooks -- who's work identified this new way to support community development - today for these important discussions that will power capital investment in underserved communities."

"Opportunity Zones and the Office of the Comptroller of the Currency's new Community Reinvestment Act rule are a potentially powerful combination that can drive more capital and investment where they are needed most, including low- and moderate income areas," said Acting Comptroller of the Currency Brian P. Brooks. "I am proud to join Senator Tim Scott and Secretary of Housing and Urban Development Ben Carson in promoting economic opportunity and growth in South Carolina and across our nation."


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